Jump To
Reports
The State of Enterprise Software 2026
Rob Helm, Andrew McCarty, Amer Tahboub, Andrew Pardo, Urbashee Paul, Emma Eschweiler
Key takeaways
In the healthcare innovation economy, investors are writing fewer, larger checks. Overall investment dollars stayed on an upward trend, but capital continues to concentrate among fewer companies. Those companies tend to be ones that can show results.
65%
Of US enterprise software venture capital went to AI startups in 2025.
Rising capital needs and AI enthusiasm drove an outsized share of VC, with investors wanting to bet on the next wave of innovation.
356
US VC-backed enterprise software unicorns now exist.
More than 75 new unicorns have entered the stable since 2025, as record capital has poured in targeting AI-native companies.
46%
Of enterprise software M&A deals had a US VC-backed buyer.
Accelerating disruption and the need to become AI-native have pushed sellers to seek earlier exits and (previously non-AI-native) buyers to add new AI talent and capabilities.
The data
This year’s enterprise software report examines the latest trends shaping the enterprise software market, as AI is disrupting everything from deal dynamics to customer pricing to exit plans.
ENTERPRISE PRICING
From seats to usage: SaaS pricing pivots
Our survey of 120+ VC-backed enterprise software companies found that while 37% use a subscription-only model today, only 26% expect to stay that way as companies explore more hybrid options.
As AI challenges the idea of the ‘human’ as the primary unit of work, startups are rethinking their pricing models, considering usage- and outcome-based pricing.
Source: SVB survey and SVB analysis.
THE UNICORN DILEMMA
Zombiecorns focus on profitability
More than a third of US enterprise software unicorns are growing by less than 10% YoY. The stagnant growth is driven by companies focusing on profitability as the venture capital that once funded their cash-burning enterprises dwindles amid AI hype and the disruption of SaaS businesses.
This creates a ‘zombiecorn’ scenario where capital from an era of peak deployment remains locked in companies with little to no growth, suppressing returns for many enterprise-focused VCs.
Source: SVB proprietary taxonomy, PitchBook Data, Inc., SVB proprietary data and SVB analysis.
VALUE CAPTURE
Private markets capture most of the value creation
With ~75% of post-2020 enterprise software IPOs trading below their initial valuation, top VC-backed startups have little incentive to go public – keeping a majority of their potential value in private markets.
Tides will need to turn as LPs are growing fatigued of capital calls without distributions. We’ll be closely watching the looming IPOs of software behemoths to see whether staying private longer and scaling more played to their favor, or if they await the same fate as previous cohorts.
Note: Value accrued based on last known private valuation of select companies relative to US VC-backed Enterprise Software IPO valuation percentiles since 2015 as of 4/20/2026. Source: PitchBook Data, Inc. and SVB analysis.
Read the full State of Enterprise Software report today.
Get insights on enterprise software trends and AI disruption shaping innovation in the sector.
More about the authors
Explore other reports
Reports
Report
The Future of Climate Tech
Apr 15, 2026
Jordan Kanis, Eli Oftedal, Josh Pherigo, Andrew Pardo
Reports
Report
50 BY 2050
Jordan Kanis, Joshua Posamentier, Eliza Cushman, Marianne Wu, Hilla Watkins
Reports
Report
The State of Corporate Venture Capital 2026
Mark Gallagher, Patrick Eggen, Mikey Kalis, Emma Eschweiler, Abbie Wolf, Anjalika Komatireddy, Eli Oftedal, Jake Ledbetter